The drug developer said that Levin will remain as CFO until the fall. McHugh's resignation is effective immediately.

Endo said it created a search committee and hired a search firm to help in its external search for Levin's successor.

Levin, who worked at Endo for four years, said in a statement that he planned to do some philanthropic work, be active in corporate board service, travel and spend more time with his family.

Earlier this month Endo reported that it moved it a first-quarter profit. But the company was dealt a bit of a blow a few days later when federal health regulators denied a request by the company to block generic versions of its painkiller Opana ER, which Endo argued are more easily abused than its branded product.

Shares of the Malvern, Pa. company added $1.11, or 3.2 percent, to $35.99 in morning trading. The stock has traded in a 52-week range of $25 to $38.32.